BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
HCL Technologies Ltd. delivered a growth of 0.7% QoQ (constant currency), below our estimate of 2.4%, led by weak growth in IT Services (up 0.5%) and products and platforms (down 1%), but partially compensated by better than expected engineering research and development (up 4.5%).
Excluding the impact of a one-time bonus in Q4 FY21, Ebit margin was down 80 basis point QoQ and missed our estimate by 130bp due to Covid-19 related expenses of 90bp.
The management reiterated its double-digit U.S. dollar revenue growth guidance and Ebit margin band of 19-21% for FY22.
HCL Technologies' new deal total contract value stood at $1.7 billion (up 37% YoY, eight large deals) in Q1 FY22.
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